New York Life Reviews

Updated August 28, 2015
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New York Life Chairman, President and CEO Ted Mathas
Ted Mathas
61 Ratings

Pros
  • Great Training Programs for new Agents (in 55 reviews)

  • Solid training program and an army of product support (in 32 reviews)

Cons
  • Be prepared to hassle friends and family to buy useless products (in 37 reviews)

  • Sales intensive environment, most training is about sales, limited in products offered, no base salary (in 29 reviews)

More Pros and Cons

167 Employee Reviews

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  1. Helpful (1)

    Don't be fooled

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Services Professional in Schaumburg, IL
    Former Employee - Financial Services Professional in Schaumburg, IL
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at New York Life full-time (More than a year)

    Pros

    Very open schedule, very rarely are required to be in the office, the rest of the time is yours to do what you want. Training is about a 7/10, there is an abundance of training but after 6 months it all repeats itself

    Cons

    Quit my job to go here based on their plan on how to make a 6 figure salary and how "easy" it is. The fine print of their proposal is never shared and the office I worked at was very new, only 6 years old. In those 6 years, not 1 person had been able to earn 6 figures in their first year but they continue to pitch it to new recruits. Also they do not discuss the decreasing bonuses that end after year 3 or any negative at all. Do your research.

    Advice to Management

    Change the pitch to new recruits that is more realistic.


  2. Agent

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Insurance Agent in Bellevue, WA
    Current Employee - Insurance Agent in Bellevue, WA
    Doesn't Recommend
    Neutral Outlook

    I have been working at New York Life full-time (More than a year)

    Pros

    - Surrounded by motivated people - Great incentives

    Cons

    -100% commission - Find your own leads


  3. Bring either a list of people you know with money, or a bag of money for yourself ......

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Contractor - Financial Services Professional in Tacoma, WA
    Former Contractor - Financial Services Professional in Tacoma, WA
    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO

    I worked at New York Life as a contractor (More than a year)

    Pros

    If you have friends who trust you with their money then you will thrive for a short while. One of the best companies in the Life Insurance business.

    Cons

    This is a great job if you have friends to sell to, if not then you will struggle to become part of the 10 percent that stay with it. If you don't know people you had better have money saved to make it through the first couple of YEARS. If your afraid of rejection, your in for a bad experience. Lots of studying scripts! Sales Contest mania!!

    Advice to Management

    Break of a piece of the pie for those getting started, it takes money to get educated and start a business from scratch. Hence, most quit after selling to all their friends.


  4. Is this helpful? The community relies on everyone sharing – Add Anonymous Review


  5. Legal Assistant/Vendor Management Sourcing Assistant

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Contractor - Anonymous Contractor in New York, NY
    Former Contractor - Anonymous Contractor in New York, NY
    Doesn't Recommend
    No opinion of CEO

    I worked at New York Life as a contractor (Less than a year)

    Pros

    some of the people you work with

    Cons

    extremely boring and repetitive work, the head of my department was not kind to the people under her. She was an awful administrator. Working there was like working for the DMV.

    Advice to Management

    allow your employees to do their jobs without ridiculous oversight


  6. Think twice before you invest your time!

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Agent
    Current Employee - Agent
    Recommends
    Neutral Outlook
    Approves of CEO

    I have been working at New York Life (Less than a year)

    Pros

    Awesome training, great folks, good experience, very professional, unlimited financial knowledge, many incentives

    Cons

    NO teamwork at all, out-of-your-pocket investment at first, 3 months part-time challenge with no reimbursement, partner is not helpful but live on your work, very cold working atmosphere, need to go prospecting a lot, lots of time commitment, can't attend any class or other job while enrolling in NYL


  7. Helpful (2)

    Like a government job

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Attorney
    Current Employee - Attorney
    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

    Pros

    Company has solid reputation and strong balance sheet. Comp/bonus incentives are competitive. Paid travel opportunities for CLE. Provided with free iPhone & "work from home" to preserve sick/vacation days, no accountability. Light work loads as everything is outsourced to law firms & multiple in-house attorneys assigned to every matter. Lots of downtime, breaks and flexibility during the day.

    Cons

    Young and inexperienced promoted to leadership roles causing an uninspiring environment. Select few chosen for advancement. No transparency. Decision making is always slow moving for numerous calls/meetings.

    Advice to Management

    Take a genuine interest in the department. Address turnover and low morale.


  8. Helpful (3)

    Agent/Financial Services Rep

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Services Professional in Glendale, CA
    Current Employee - Financial Services Professional in Glendale, CA
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    I have been working at New York Life full-time (More than 3 years)

    Pros

    The training is great. Having your own schedule (except for mandatory training and mandatory meetings here and there). Possibility of making great income with no ceiling.

    Cons

    They sell the $$ dream very big. You need to find wealthy clients and get them to give you referrals to more wealthy people. You only make commission here, no base. If you sign up someone for a contract and they pay $50 (or whatever number they pay) for it, multiply it by 6 and thats your commission. So for this example you make $300. You also have mileage reimbursement of up $1000 for the month. You have case rate bonus: for every person you sign up to life insurance you get an additional $75 up to 6 people for the month. So thats another $450 you could make, but you can only trigger this if you get a least 3 to sign up for the month. You also have something called Training Allowance, which is a bonus of up to $2,800 your first year per month. So lets say you made $5000 on commission for the month. You multiply it by 80% and that your Training allowance for the month. In this example it would be $4000 but you would only receive your max of 2,800 that month. So as you can see, very lucrative, but only if you sell sell sell!! THEY MAKE YOU SELL TO YOUR FRIENDS AND FAMILY. And you will more than likely be buying policies on yourself to make commission and to qualify for events which isnt good to do. You invest in them before they do in you. Its all about selling, they do not give you leads, only if you have been with the company for some time and qualified for certain income numbers by year end. Life insurance is unfortunately something that people are not interested in right now. especially young people. So you will be having to do a lot of convincing to people. Everyone should have it, but its not a marketable product. And its hard to position because yes, they should have the life insurance, but yes you also need to be making your money, so its a hard thing to do with close people and the business. They could sometimes feel that, and you could get desparate at times and ruin some close friendships at times. Its also awkward because you will be calling some people that you havent talked to in years, and they will be surprised as hell that you are calling them....and that you are calling them all of sudden, due to business! And there is no way around it, they will know. So if you could get past all of that, and being on the phone asking people for apppointments, then youre good. If you dont want to call your friends and would like to cold call so be it. You dont need a college degree for this position, so if you dont have one, then its something great to do, if not, get some education and find a position where you can grow and move up in this world. These companies have high turnover rates, only very few make past one year, and if those make it, they leave by 5 years. Only very few retire here. All the best!

    Advice to Management

    Be more real with people and you interview process. Dont select people just because you can prey off of their beginning family that will sign up just to support their kin. BECAUSE MANAGER MAKE MONEY OFF YOU TOO PEOPLE. So they make the money and if you leave they dont care about your clients, they made their money and will recruit people until they find those very few that will make it for a bit. They are constantly on the prowl and you mean nothing to them because they need hires too. So be careful. Great training by them though. Thats for sure.


  9. Helpful (3)

    Agent

    Former Employee - Agent
    Former Employee - Agent
    Doesn't Recommend
    Neutral Outlook

    I worked at New York Life full-time

    Pros

    The work schedule is somewhat flexible.

    Cons

    -The compensation for New York Life agents is 100% commission, despite what you may be told during an interview. There is zero guaranteed compensation. The monthly "training allowance" for an agent is only paid to them during months in which the agent is able to earn at or above a minimum dollar amount of commission (That amount can be difficult to reach). During an interview, however, you will likely be told that the training allowance is guaranteed each month. -As an agent, you will not be paid the commission and training allowance that you've earned until you "trigger." Also, you will not be permitted to enroll in benefits until triggering. The triggering process is not mentioned during interviews in some cases. In order to trigger, an agent must sell at least six life insurance policies & must make at least $1,500 in commission. Reaching those numbers is not as easy as it may sound. -The number of policies sold by & the commission earned by each agent is posted on New York Life's intranet, and is also posted on a wall in certain offices. This public display of information makes a lot of agents uncomfortable. -The company-sponsored health insurance (through Aetna) is not as affordable as an interviewee may be led to believe. The health insurance alone (not including dental or life insurance) is currently $204 per month. -Agents are often told by management that the company is a "full-service financial institution." In my opinion, this is untrue. 85% of the company's business sold is life insurance. Having so little to market to potential clients can really limit you as an agent.

    Advice to Management

    If your role involves interviewing prospective agents, please be honest with the interviewee about every aspect of the job. Please do not omit important information or mislead during interviews. The interviewee's livelihood could be at stake if you do. Thank you.


  10. Helpful (3)

    Financial Advisor

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    Former Employee - Anonymous Employee in Schaumburg, IL
    Former Employee - Anonymous Employee in Schaumburg, IL
    Doesn't Recommend

    Pros

    Outstanding reputation, unlimited earning potential

    Cons

    Don't kid yourself. This is a 100% commission job and the pressure to sell is horrible. Mngt doesn't give a crap about the sales force unless you are producing. You are a liability not an asset. It was like working for a used car dealer. The structure is similar to a pyramid scheme. Managers are simply those happen to have a good sales year and were asked to run a team, which in turn they get a piece of what their team sells. Turnover rate is approx 90% within 2-3 yrs


  11. Helpful (2)

    Be very careful

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Insurance Agent in Newark, DE
    Former Employee - Insurance Agent in Newark, DE
    Doesn't Recommend
    No opinion of CEO

    Pros

    They have a good training program.

    Cons

    The recruiting manager lied to me and misled those he hired many many times.

    Advice to Management

    Take numerous complaints about discrimination seriously.



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